Oct. 9 at 12:48 PM
$JPM 🚨Algoma Steel (
$ASTL) — Canada’s Hidden Plate Platform
Most investors see “tariffs, steel cycle, noisy quarter.”
Here’s what they miss 👇
1,600 acres of deep-water industrial land (docks, rail, power).
Only domestic plate mill able to feed bridges, ships, and transit megaprojects.
Trades at
$4.73, or 0.53× book value (
$8.93/sh).
On adjusted book, it’s 0.44× (
$10.79/sh).
Replacement cost today?
$22–45/sh.
Catalyst pipeline is real, not hypothetical:
Seaspan MoU Canadian shipbuilding supply chain (icebreakers already cutting steel).
Ontario Line + Scarborough Subway Extension → guideways & stations = plate-hungry.
YUL airport expansion (
$1B financed), plus hospitals & highways.
Value equation:
You’re buying hard assets (port, plate, melt shop, power spine) at a discount.
The upside is not a rumor — it’s signed contracts + sovereign projects.
📊 Ottawa + Ontario are already shoveling billions into plate demand.
Deep Value Research (free) : https://cundilldeepvalue.substack.com/p/algoma-steel-astl-secret-assets-catalysts
